WTI remains above $77.50 due to improved risk appetite

FXStreet
Updated May 27, 2024 01:29
Mitrade

■  WTI Oil price attempts to extend its gains due to a recovery in overall market risk sentiment.

■  University of Michigan's 5-year Consumer Inflation Expectations for May eased slightly, bolstering expectations regarding the Fed’s rate cuts.

■  Iran will increase its Oil output from 3.6 million to 4 million barrels per day.


West Texas Intermediate (WTI) crude Oil price inches higher due to a recovery in overall market risk appetite, likely driven by investors' anticipation of a rate cut from the Federal Reserve (Fed) in September. WTI price trades around $77.70 per barrel during the Asian session on Monday.


On Friday, the University of Michigan's 5-year Consumer Inflation Expectations for May eased slightly to 3.0%, down from the forecasted 3.1%. This decline in inflation expectations is bolstering investor sentiment regarding potential rate cuts by the Fed.


However, Fed officials tempered expectations for rate cuts last week, issuing cautionary statements that the central bank still requires more evidence that inflation will eventually decline to its target of 2% annual price growth. Prolonged elevated interest rates are negatively impacting the US economic outlook and reducing Oil demand.


Reuters reported on Sunday, citing Iran’s Tasnim news agency, that an economic council led by Iran's interim president Mohammad Mokhber has approved a plan to increase the country's Oil output from 3.6 million barrels per day (bpd) to 4 million bpd.


Additionally, Saudi Arabia is preparing for a multi-billion-dollar share sale in energy giant Aramco, aiming to raise around $10 billion as early as June. This would be one of the region's largest stock deals, with shares listed in Riyadh in a fully marketed offering rather than an accelerated sale over a few days.


WTI US OIL


Overview
Today last price 77.74
Today Daily Change 0.07
Today Daily Change % 0.09
Today daily open 77.67
 
Trends
Daily SMA20 78.72
Daily SMA50 81.47
Daily SMA100 78.73
Daily SMA200 79.58
 
Levels
Previous Daily High 77.89
Previous Daily Low 76.04
Previous Weekly High 80.06
Previous Weekly Low 76.04
Previous Monthly High 87.12
Previous Monthly Low 80.62
Daily Fibonacci 38.2% 77.18
Daily Fibonacci 61.8% 76.75
Daily Pivot Point S1 76.51
Daily Pivot Point S2 75.34
Daily Pivot Point S3 74.65
Daily Pivot Point R1 78.37
Daily Pivot Point R2 79.06
Daily Pivot Point R3 80.23

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